- Upgrading Bedrock could possibly be a serious boon for Optimism, boosting the OP worth.
- The elevated adoption of optimism might result in extra demand for OP, which might contribute to its worth.
- The OP worth is down 3% within the final 24 hours and 23% within the final two weeks, with the token buying and selling at practically $1.63 on the time of writing.
Optimism (OP), a layer 2 scaling resolution for Ethereum, has seen the value of its native token drop 23% up to now in Could (as of Could 16, 2023).
The decline comes amid a broader sell-off within the cryptocurrency market, with Bitcoin (BTC) struggling for a foothold above $27,000 and Ethereum (ETH) retesting assist zones close to $1,800.
Sentiment throughout the broader crypto market continues to say no after final week’s slowdown. The worth of optimism might due to this fact fluctuate with the general market outlook, particularly since cryptocurrencies are prone to react to macroeconomic information.
However one factor that would assist enhance altcoin worth positivity is the upcoming Bedrock replace.
Bullish worth outlook – when is the Bedrock improve?
Monday, the L2 platform announcement the anticipated launch date for launch is June 6, 2023.
🚨The official date for the OP Mainnet to Bedrock improve has been set: June 6, 2023 at 4:00 PM UTC!
The improve would require 2-4 hours of downtime for OP Mainnet.
Go to Mission Management for extra particulars on what to anticipate: https://t.co/o6UjKZaVKy
— Optimism (✨🔴_🔴✨) (@optimismFND) Could 15, 2023
Bedrock is a serious improve to the Optimism Community that can make it quicker, cheaper, and safer.
Among the many issues coming with the Bedrock improve are community enhancements for full EVM compatibility, increased scalability, and decrease transaction charges.
Optimism (OP) Value Prediction
As for the OP worth, it’s down nearly 3% within the final 24 hours, 23% within the final two weeks, and nearly 39% within the final 30 days.
As CoinJournal not too long ago highlighted in a worth prediction for Optimism, Tron, and Stacks, it appears just like the bears have the higher hand. This outlook stays, with the present worth at $1.63 being -49% from the all-time excessive of $3.22 reached on February 24, 2023.
OP worth chart. Supply: Buying and selling View
Though the value response to the affirmation was not nice, a turnaround in sentiment over the subsequent couple of weeks might see OP/USD take one other leg up.
Once more, a profitable improve might assist enhance the value of the OP as optimism turns into a extra engaging choice for builders and customers and will increase demand for the OP token. OP is presently oversold however faces key resistances round $1.82 and $2.16.
On the draw back, particularly if the bearish technical image holds, the value of the token might fall to $1.15 and $0.87.